SP500 technical analysis and NASDAQ analysis for today March 16th 2023 using Elliott Wave Theory- The market sold off but held the low and the bulls fought back. Should we be looking higher?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 sold off strongly in the pre-market before rebounding strongly getting back half it’s losses for the day. We now are looking at a few possibilities including a lower low and then higher or a leading diagonal.

However, if they push to the 3950-4000 SPX area we could see a sharp move down in wave 3 of 3 of C down that would lead to 2500-2900.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has held up well in the face of these selloffs and sits in a bullish posture. We could see a lower wave 2 and then higher or we could see a direct move higher from here.

However, they do have the potential for an ABC higher before a larger selloff to the downside.